Nigeria will come out of recession by Q2, says NESG

• Records N160.5m increase in revenue
In view of the series of economic interventions by the Federal Government, the Nigeria Economic Summit Group (NESG), projects that the country would exit from current recession in this second quarter.

The group said the stability in oil price, and Presidency’s dialogue with the Niger Delta militants, which has reduced disruption of oil production, signified huge improvements in the economy.

Speaking at its 21st yearly general meeting in Lagos yesterday, the NESG Chairman, Kyari Bukar, said the two factors have increased the hope for brighter prospects, coupled with the intervention by the Central Bank of Nigeria on foreign exchange market.

Bukar said: “Since we didn’t get out of recession by Q1, we will get out by Q2. But the concern for us as a nation is that growth must be at a higher percentage rate for it to translate into jobs, well-being of average citizens among others.”

He explained that based on the projection of the group, the economy is expected to experience a Gross Domestic Product growth rate of 0.6 per cent in 2017, which means economic activities will improve in the year. “As stated in our Macroeconomic Outlook for 2017, we believe that any economic recovery achieved outside the scope of supporting the productive base of the economy will not be sustainable,” he added.

The Group financials showed improvement in its membership’s dues by 19.2 per cent to N160.5 million in 2016, up from N134.6 million a year earlier. On the other hand, it experienced a decline in net income by 23.5 per cent to N119.3 million down from N155.9 million in 2015.

The Chief Executive Officer, NESG, Laoye Jaiyeola, said with the projections of growth being pronounced in several quarters, conscious efforts by government to synthesize and implement a growth recovery plan for the nation is acknowledged and indeed reassuring.

Jaiyeola reiterated the Group’s commitment to remain at the fore of advocacy, and intervention on all issues regarding the adoption of policies conducive for good governance and sustainable private sector led economic development in 2017.